Regional Greenhouse Gas Initiative

an initiative of the Northeast and Mid-Atlantic States of the U.S.

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Auction 9

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RGGI Auction 9 was held on September 8, 2010 and monitored by Potomac Economics, an independent monitor of electricity markets retained to evaluate the RGGI CO2 allowance market. Potomac observed the auction and confirmed that there was no material evidence of collusion or manipulation by bidders, and that the vast majority of bids were consistent with competitive expectations.

Below are key data and information on the results of the auction. Detailed analysis is available in the Market Monitor Report for Auction 9.

 

1. Auction Statistics:

Current Control Period (2009-2011) Offering

  • Quantity Offered: 45,595,968
  • Quantity Sold: 34,407,000
  • Clearing Price: $1.86 
  • Number of Bidders: 45
  • Ratio of bids to Supply: 0.75 
  • Percent Won by Electric Generators: 92%

Future Control Period (2012-2014) Offering

  • Quantity Offered: 2,137,992
  • Quantity Sold: 1,312,000
  • Clearing Price:  $1.86
  • Number of Bidders: 6
  • Ratio of Bids to Supply: 0.61
  • Percent Won by Electric Generators: 100%

  

2. Auction Participation:

A total of 56 qualified bidders, listed by name in section 4 below, submitted an Intent to Bid in the auction.

The following statistics summarize the purchases and holdings of allowances by electric generators and their corporate affiliates ("compliance entities") under the RGGI program:

In Auction 9, compliance entities and their affiliates purchased:

  • 92 percent of the current control period allowances sold and
  • 100 percent of the future control period allowances sold.

In the first nine RGGI auctions, compliance entities and their affiliates purchased:

  • 83 percent of the current control period allowances sold,
  • 96 percent of the future control period allowances sold, and
  • 84 percent of all allowances sold.

Compliance entities and their affiliates will hold 95 percent of the allowances in circulation following the settlement of allowances sold in Auction 9.

 

3. Dispersion of Bids

Bids were widely dispersed across both compliance entities and non-compliance entities in both the current and future control period offerings.

In the auction for current control period allowances, most of the bidders that submitted a large number of bids (e.g., at least 2 million tons which is 6 percent of the available supply) were compliance entities.  Overall, compliance entities accounted for 92 percent of the quantity of bids submitted in the current control period auction.

In the auction for future control period allowances, most of the bidders that submitted a large number of bids (e.g., at least 100,000 tons which is 5 percent of the available supply) were compliance entities.  Overall, compliance entities accounted for 100 percent of the quantity of bids submitted in the future control period auction.

The following figure summarizes the quantities of bids submitted in the two auctions by all bidders.

Quantity of Bids Submitted By Type of Entity and Quantity Bid

A9 % Dispersion of Bids

 

4. Qualified Bidders

The following 56 qualified bidders submitted their intent to bid in the auction.

  • Adirondack Council Inc.
  • AES Eastern Energy, LP
  • Aircraft Services Corporation
  • ANP Funding I, LLC
  • Astoria Energy, LLC
  • Astoria Generating Company, LP
  • Barclays Bank PLC
  • Boston Generating, LLC
  • Brick Power Holding, LLC
  • Bridgeport Energy, LLC
  • Brooklyn Navy Yard Cogen Partners, LP
  • Caithness Long Island, LLC
  • Calpine Energy Services, LP
  • Castleton Power, LLC
  • Conn. Municipal Electric Energy Coop.
  • ConocoPhillips Company
  • Consolidated Edison Comp. of NY, Inc.
  • Constellation Energy Commodities Group
  • Delaware Municipal Electric Corp.
  • Dominion Energy Marketing, Inc.
  • DTE Carbon, LLC
  • Dynegy Marketing and Trade, LLC
  • E.ON Energy Trading SE
  • EquiPower Resources
  • GDF SUEZ Energy Marketing NA, Inc.
  • Granite Ridge Energy, LLC
  • H.Q. Energy Services (US) Inc.
  • Hess Corporation (G)
  • Indeck-Corinth Limited Partnership
  • Indeck-Olean Limited Partnership
  • Indeck-Oswego Limited Partnership
  • Indeck-Yerkes Limited Partnership
  • J-Power USA Development Co., Ltd.
  • Koch Supply & Trading, LP
  • Massachusetts Muni. Wholesale Elec. Co.
  • Massachusetts Water Resources Authority
  • Millennium Power Partners, LP
  • Mirant Energy Trading, LLC
  • National Grid Gen. dba National Grid
  • New Athens Generating Company, LLC
  • NextEra Energy Power Marketing, LLC
  • North American Energy Alliance, LLC
  • NRG Power Marketing, LLC
  • Panda Brandywine, LP
  • Power Authority of the State of New York
  • PPL EnergyPlus, LLC
  • PSEG Energy Resources & Trade, LLC
  • Public Service Company of New Hampshire
  • RBC
  • Rochester Gas and Electric Corporation
  • Selkirk Cogen Partners, LP
  • TAQA Gen X, LLC
  • TransCanada Power Marketing, Ltd.
  • Verso Paper Corp.
  • Vitol Inc.
  • Wing Fuel, LLC